MA H2294

Creates a local option program allowing municipalities to have first right of refusal to purchase properties with three or fewer units and mid-size multifamily buildings for use as affordable housing

Requires property owners to sign an agreement to notify the municipality when they receive an offer on their property, giving the municipality 120 days to inspect and make a matching or higher offer

Purchased properties must be maintained as deed-restricted affordable housing in perpetuity, with municipalities working in coordination with community partners

Provides property owners $500 per qualified unit (up to $10,000 maximum) plus registry recording costs for participating in the program

Caps total program payments at $5,000,000 and requires the Executive Office of Housing and Livable Communities to develop regulations for administration